Illinois Bankers Association

Illinois Bankers Association

SBA Interim Final Rule—April 2

The Small Business Administration last night issued an interim final rule that provides additional implementation guidelines and requirements for its Paycheck Protection Program to aid small businesses hit hard by the COVID-19 crisis. In the new guidance, SBA makes significant changes from its original plan, including raising the fixed interest rate on loans made under the program from 0.5% to 1% in response to feedback that the terms could prevent community banks from participating in the program.

Read the Interim Final Rule

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